Fear of failure hampering businesses

A study has claimed 57% of businesses are putting off key decisions due to a fear of potentially damaging consequences.

The survey of over 1,000 business owners, conducted by Barclays Bank, showed many are affected by a fear of failure. This is despite 48% of respondents stating they were aware it could hamper growth.

Of those questioned, 46% said making an incorrect decision was what their biggest fear in business.

Turning down potential custom and taking external finance were shown to be the things business owners were most wary of.

Sue Hayes, managing director of Barclays Business Bank, called upon businesses to take advantage of the many opportunities still available in difficult times.

She said: “At the time of making important business decisions it’s only natural to be scared of getting it wrong.

“It can feel like you are taking a big risk – whether that is decisions about staff, products, finance or even your marketing strategy.

“Despite the tough external environment, there are many opportunities to be seized upon and the ability to make important decisions is vital to the growth of all businesses and the overall UK economy.”

Barclays hope to combat some of these concerns by inspiring confidence through a series of seminars run in conjunction with Startups.co.uk.

The events will feature financial management and sales tips from Adam Balon, co-founder of Innocent Drinks, and successful local entrepreneurs.

The seminars will take place at 10 different locations across the country, on November 20 and 22.

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